🇮🇳 India Daybook: HDFC Bank Submits CEO Candidates to RBI; NSE Sets ₹22,569-Cr IPO Band

📍 LEADERSHIP & SUCCESSION

• HDFC Bank: The country's largest private lender has officially kicked off its leadership transition ahead of MD & CEO Sashidhar Jagdishan's retirement in October 2026. The bank informed exchanges that its board has submitted two candidates in order of preference to the Reserve Bank of India (RBI) for the top job, along with proposed three-year remuneration packages. Deputy MD Kaizad Bharucha is widely seen as the leading internal candidate alongside an external nominee. Additionally, the board elevated Chief Credit Officer Jimmy Tata to Whole-time Director (Executive Director) for three years and approved a one-year tenure extension for Executive Director V. Srinivasa Rangan.

📍 IPOs & PRIMARY MARKETS

• National Stock Exchange (NSE) / State Bank of India / Bank of Baroda: The NSE released its finalized issue terms for what will be India’s second-largest IPO at ₹22,569 crore (behind Hyundai Motor India's 2024 issue). The price band has been set at ₹1,700 to ₹1,785 per equity share, with the issue opening for public subscription from September 17 to September 21, 2026 (anchor bidding on September 16) and listing on BSE on September 24. The offering is entirely an Offer for Sale (OFS) of 12.64 crore shares. State Bank of India (SBI) trimmed its secondary share sale to 1.60 crore shares (down from 2.47 crore shares originally planned), while Bank of Baroda cut its proposed sale to 76.9 lakh shares.

📍 ACQUISITION & BULK DEALS

• Tikona Communication (formerly Grand Foundry): The board approved the execution of a Securities Purchase Agreement (SPA) to acquire a 62.01% controlling stake (1,27,89,817 shares) in wireless broadband provider Tikona Infinet Private Limited for an aggregate consideration of ₹99.22 crore.

• Prime Industries: Shareholding disclosures under SEBI SAST regulations revealed significant open-market stake purchases, with Skyline India Limited acquiring a 9.57% stake (20.09 lakh shares) and Runit Exim Private Limited taking an initial 5.23% stake (11.00 lakh shares).

📍 ORDER WIN

• Focus Lighting and Fixtures: The company announced it has secured a commercial purchase order in the range of ₹5 crore to ₹10 crore from Ingka Centres Private Limited for the manufacture, supply, and delivery of commercial LED fixtures, scheduled to be executed by December 2026.

📍 TRADING HOLIDAY NOTICE

• NSE & BSE Market Holiday: The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) are closed on Monday, September 14, 2026, for Ganesh Chaturthi. Trading across equities, equity derivatives, and SLB segments is suspended and will resume on Tuesday, September 15, 2026. On the Multi Commodity Exchange (MCX), morning trading (9:00 AM to 5:00 PM) remains shut, while the evening session will operate from 5:00 PM onwards.

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